Senators invalidated both vetoes, which had already been rejected by the lower Chamber of Deputies, bringing to three the number of laws upheld by Congress despite vehement opposition from the budget-slashing Milei.

The vote comes as the US-backed Milei struggles to end a run on the national currency, the peso, in the run-up to crucial October 26 midterm elections.

The 54-year-old right-winger, in power since December 2023, has been on the ropes since his party’s trouncing by the centre-left in Buenos Aires provincial polls last month.

Those elections, seen as a bellwether ahead of the midterms, shredded his aura of political invincibility and sent markets into a tailspin.

Last week, the US government announced it was in talks with Argentina on a US$20 billion swap line aimed at shoring up the peso.

US President Donald Trump sought to buoy his close ally at talks in New York, saying, “He’s doing a fantastic job.”

But after rallying briefly, the peso slumped again this week over market uncertainty about the amount and extent of the US financial help on offer.